Top 10 Most Important Lessons to Learn in Personal Finance- #6

I try to as always incorporate new things that can spice up this financial blog such as including webinars of past posts through my Youtube channel. If you want to subscribe click here) and creating posts based on Filipino financial terms such as paluwagan and 5/6.

In addition to the above I decided to create a series posts and as a premier I will be posting the Top 10 Most Important Lessons to Learn in Personal Finance.

#6 Set Financial Goals

I have been a big fan of creating goals in different areas of my life. Goals are like motivational tools for me and keep me inspired in living my life to the fullest.

The beauty of setting goals is having a reason to commit and hold on to something. It gives you better outlook in your ambition and creates alignment to each and every  aspect of your life.

Goal-setting is much simpler nowadays because there are a lot of resources to learn how to do so. A lot of blogs and self-help books have testified how effective creating SMART Goals could be specially if you are on the edge of quitting.

A Quick Guide in Creating SMART Financial Goals.
SMART Goal Setting is not a new thing. S for Specific, M for Measurable, A for Attainable, R for Relevant and T for Time-bound. All should answer your financial worries today.

What do you mean by Specific?

Goals should be clear and filtered precisely. It should answer What do I want to accomplish? Who are key persons involved? Once all of these questions and answered you are sure that the goal you have selected are SMARTLY WRITTEN.

What do you mean by Measurable?

Measurable means your key indicators on how you will successfully achieved a goal. It includes the results that you expect and the measurements you plan to succeed. It answers the question, How?

What do you mean by Attainable?

Creating a goal must be challenging enough to motivate you in acting on your priorities in life but of course it should remain realistic. Don’t make a goal that is set to be doomed for it will just give you false hope and will even be part of your time-wasters.

For example, you don’t have any fund but your goal is to travel to Paris at the end of the month. Though there may be a chance that you will earn enough money for the trip but is it realistic enough? Why not set a goal to a Travel Fund first and give a specific amount on your target then from there you can shape you trip to Paris.

What do you mean by Relevant?

Relevance answers the question as to whether the goal you are creating will bring out the best for your life. Does this add to your worth or just makes you achieve less. This answers the question, Why?

What do you mean by Time-Bound?

You can’t create a goal without any specific time assigned. Of course spend enough time to achieve your main goals and not too much time on goals that can be easily achieved.

My Side of the Story

If you read through my 2014 Personal and Financial Goals, almost ALL have been an epic fail. My list just became and remained as a wish list for me for I didn't know how to create specific, measurable, attainable, relevant and time-bound goals. All became a should-have-done rather than must-dos.

Anyhow this year I pray that my goal list will be better. I really really need to step up my financial goals to the fullest. Again I'll post my 2015 Personal and Financial Goals as a separate entity to this blog in order to have you, my virtual friends as my companion.

Happy Monday!

MORE POSTS TO READ:

1. UITF vs. Mutual Fund (Beginner's ALERT!)
2. Want More Money? Cutoff on These 6 Financial Traps!
3. What Losing Weight can Teach you about Financial Management
4. What is NAVPS?
5. What is Peso-Cost Averaging Method?
6. What is UITF Investment?
7. Why You Must Know Your Financial Net Worth NOW!
8. Wise-Thoughts for the Holiday Season

Be better in your finances. Save Now, Invest Now and walk your way to success. Sign up in my Email List and receive templates to get you started in your Financial Wealth. Follow me on Facebook and Twitter for better updates. Godbless.

Personal & Financial Goals for 2016

It's the time of the year again for me to share my 2016 Personal and Financial Goals. I reserve the update/review of last year's goals in my Year-End Report post that will be up on Wednesday. Be sure to read that one, OK?

As I share my Personal and Financial Goals allow me first to say to you my great plan to succeed and stick to my goals this 2016.

YEAR-END REVIEW- My 2014 Financial and Personal Goals

As I may have honestly admitted over the past posts my 2014 Financial and Personal Goals has been an epic fail. I wasn't able to accomplish even half of my list which you could as a page. I even said that my goal is more of a wish list rather than a goal board and hopefully the 2015 Financial and Personal Goals will be better. 

A copy of my 2014 Financial and Personal Goals. Those crossed out were the only ones I was able to achieve.

FINANCIAL AND PERSONAL GOALS 2014

It's a good way to start the year right by setting SMART goals. I am hoping you will be with me in this journey. On bullets are I am continuously working hard to achieve.

• Seek God more, be mindful of my tithes and my Sunday service.
• A closer family

1. Have a good following in this humble blog.
2. Make it to top 50 financial blogs for 2014.
3. Have my SSS ID
4. Have my Passport
5. Have a driver's license
6. Have a Unionbank EON card for my Paypal account
7. Have a PSBank debit credit card
8. Have a FAMI Mutual fund investment
9. Have my first try on stock market through COL Easy Investment Program
10. Have my emergency fund (I am planning to have all of my sideline or hosting payments go straight to my emergency fund)
11. TRAVEL! TRAVEL! TRAVEL!
12. Celebrate my 21st birthday with a party :)
13. Buy a DSLR camera
14. Put up a photobooth business
15. Put up a Events company business
16. Have 500,000pesos before the year ends.
17. Build my Portfolio Income
18. Search for a town house that i will be investing in for 2015

Managing Your Money: A Beginner's Guide

A struggle that most of us can relate to is how hard it is to manage our money. You may come to this blog of mine to find answers and inspirations about financial management but to tell you honestly, it is still something that I've been struggling to perfect.

It takes time and financial discipline to actually be good in money. And as always, the hardest part is the beginning. 

How Much Money Should You Save Each Month?

It's given that saving money is one of the fundamental step towards financial freedom. Nobody can be called financially free without his or her savings. Your savings could affect how you'll achieve your goals, live your life and prepare for the future. So on today's post we will be getting real with our SAVINGS. 

How Much of Your Income Should You Save Every Month?

Perhaps that question has been on your mind for quiet some time. We were always taught that saving money is important but we weren't aware of how much it should really be. Of course not all of our income can be put in our reserve money. It all depends on certain circumstance that I will unveil in a moment.

What's Your Age?

Your idea of perfect savings depend on your age . People in their 20's will have plenty of time to worry on their retirement so most of their saving goals are short-term. They may be thinking on a car, a condo, a gadget or a branded handbag. Thus, how much you save each will be lower.

Once you hit your 30's your priorities will differ. You start to build a family of your own and will have to take care of your aging parents too. Your savings will long-term now. You start to think about retirement, your kids education and your health. This will require a bigger amount to save each month.

Your age surely plays a vital role in know how much you should save.

What's Your Goal?

Goals are just permanent part of every financial move a person should do. They are the reason why you are doing the things you do. More goal-related blog post HERE and HERE.

• Short-Term Goals are things achievable in less than a year. This could be the vacation abroad you've always wanted, a special gift to your loved ones or a debt you've wanted to pay off.

• Mid-Term Goals are things are achievable in 5-10 years time. This could be a house, payment for your wedding and/or start a business. 

• Long-Term Goals are the ultimate things you want to achieve. Retirement is a solid example of a long-term goal you want to think deeply. 

Have you listed your goals yet? Once you manage to specify your objectives you will be surprised on how quick you are in coming up with the next actions. 

What's Your Income?

Your income has a lot to with how much you'll be able to save. Maybe you are thinking a saving goal that's too much that what you're being paid. If you want a better savings you need to increase you income, find other sources of extra money you can put in your kaban. 

Given the three circumstance above, this is how we will approach the whole "How Much Should I Save" question.

     Save depending on your age, goal and income

As your age increases, your goal materializes into even better and bigger one, thus your income will increase too then you can save more. Treat it as a never-ending cycle of wealth. Save in accordance to your span, your reach and your means. The more your income grows, the more your savings should be and not the other way around. 

Two Things Worth Sharing

1. It's a must that you save on a regular basis.

Saving money should be more than just a task but a rather a habit for everyone. And you can never develop a habit if you are not doing it regularly. Once the paycheck comes automatically save a portion. Live with the rest for your everyday expenses. Again, treat it as a payment you will give to yourself. You deserve it because of your hard work. READ: Personal Financial Habits that will Make You Become Richer.

2. It's a must that budget.

I know, I know I sound too pushy in the whole budget thing here in SavingsPinay but it's just how things work. You can never save without a budget. You need that spending plan to give you an idea whether you are over spending your money or to track down where your money goes. 

Stuff Worth Saving For

If you will have a savings goals what would they be? Well, I already had mine but to give you examples you can contemplate here are a few things that you ought to save first and foremost. Start small until it grows as a habit.

1. Emergency Fund

Again this is the amount equal to 3-6 months worth of your income. For more explanation you can check out the following links:

2. Major Expenses

There are goals in your life that you need to save up for. That includes your wedding, your dream car and/or your dream house. You need to slowly save for these things if its part of your goal. 

3. Retirement

You want to grow up happy and still be able to live in the lifestyle you've wanted. If that's the case then you need to start prioritizing your retirement savings. 

Finally

I hope with this new saving approach you will find financial peace as to how much you need to save in a month. It's actually not about the exact amount... what matters most is you set an intention to do so. I have a lot on my plate right now in terms of saving money but instead of discouraging/limiting me... I see these numbers as a motivation to work hard, be ambitious and strive more. 

You owe it to yourself to save.

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10 Ways to Make the Most of Your Time

I want to be honest that I, too, fail in living my life intentionally. It feels like day to day challenge being able to lie up to the expectation of others. You wanted to be the productive you but the more you show that you can succeed in a task, the more people in your surround will depend on you.

But instead of "magmukmok" in the sad reality of being an employee, encourage everyone to be a better version of themselves everyday. Survive each new day by making the most of it. 

I would like to share the 10 Ways to Make the Most of Your Time that I try to accomplish as much as possible. Hope you can join me in this journey to productive living.

Anatomy of a Successful Budget

Budgets aren't just done for nothing. It is the core foundation of a solid personal finance. A person who knows how to budget and commit to it will most likely be on the right track to financial freedom. Now what makes a budget successful? What elements should be involved or more so what shouldn't be involved? In today's post we will be focusing on the anatomy of a successful budget.

A Successful Budget Follows the Right Spending Categories

Budget categories such as food, transportation allowance, bills and so on are key elements that make a budget more effective. You should be able to name all the categories that applies to your monthly expenses. It's either you create your own list or download free budget templates you can find online. 

It is way better to narrow down your budget categories so you can have a clearer picture on where your money goes. 

Here's a more detailed post About Budget Categories

A Successful Budget Involves Accurate Income

Make sure that you know exactly how much income you are getting because this is the very money you'll use to budget. Thus, studying your payslip can help for you to be able to track down how much you earned. 

Accuracy is way harder if you have multiple sources of income so make sure that you allot even a tiny notebook to log. See My New Budget and Spending Tracker for a simple cash envelop with built in notebook available in Landmark. I highly recommend this. 

A Successful Budget also has Savings Fund

Remember the golden formula of financial success... Income - Savings = Expenses. Before you budget your money to your expenses make sure that you have set aside an amount for your savings. I love doing this automatically with my Metrobank Direct. I suggest applying with the online counterpart of your local bank so you can easily monitor how much money goes to your payroll ATM. 

A Successful Budget Has a Spending Tracker

It's not enough that you allocate your money to different categories. If you want your budget to be a success then you ought to follow where your money goes. And by following I mean tracking day after day the items you bought and how much. 

Once you know where your money is going it will be easier for you to make quick and smart decisions where to best budget. Budgeting doesn't mean you'll deprive yourself with the fun, the movie dates or even the dinner dates. Once you commit to a budget you simply are making priorities on how you use your hard-earned cash. READ: DIY Spending Tracker Notebook

A Successful Budget Follows Your Financial Goals

I may have written this a hundred times but I am a firm believer that goals make everything possible. There's got to be a vision involved if you want to be successful in your budgeting. How do we do this?

• Your goal is to buy a car by 2017. With this in mind and in paper (please...write down your goals instead of storing them on your mind) you'll most likely generate steps to make this goal happen. 
• Make sure that you have written realistic goals and those that can be done with your current income. 
• Goals could also motivate you to save more. Since your financial goals will most likely involve bigger purchase and even those that can change your life completely (like a wedding fund or house and lot) , then it will be easier for you to limit your spending.

READ: Personal and Financial Goals 2016

 

A Successful Budget is Followed with Joy

I know it sounds cheesy but you can never become successful in budgeting if you don't see the job within it. It should never feel like a burden or a chore but rather part of your daily routine. Create a monthly budget and then a budget of the week and a daily budget. The monthly budget can be digital almost like a template you can visit anytime. The weekly budget and daily budget can be part of your spending tracker notebook. Again the online community offers a lot of free templates you can use for your budget. 

A Successful Budget is Reviewed Often

A review is as important as creating a budget. This is actually best done on a weekly basis. In the budget review you must note what items worked for you and what items didn't. You also mark the products and/or services where you used most of your money. If you have a tracked your spending you can also note the items in your budget that you can limit so you have more on your savings. Be very honest in your review. After your budget review of the week try to create goals for the following week that can motivate you.  

How to Create Your First Ever Budget

Creating a budget is way simpler nowadays. There are free online apps you can download and try. Here are four apps I found that work well. 

If you are more comfortable with writing your budget then you just have to choose a notebook where you'll write down things.

Make sure you already know the budget categories where you mostly spend your money with. Write them down by priorities (by deadlines for the bills).

Don't forget to include your income at the very top of the worksheet. Now you can allocate freely how much money will go for each category. For a more detailed blog post on creating a spending plan click HERE.

Why Should You Budget?

If you want to be intentional in your money then you need to understand the reason why financial advisers, financial bloggers as well as financial enthusiasts encourage you to learn how to master the art of budgeting.   

For me the most important reason why you should budget is to take care of the money you've worked hard for. You don't want to put to waste what you've put your time, heart and soul with. 

I hope this post helped. 

Next on SavingsPinay

• How Much Do I Really Make? - New!
• I'm Just 21 Do I Seriously Need a Life Plan?
• Lessons Filipinos Can Learn from the Chinese

Do you have questions about budget? Comment down below.

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Revolutionize your 2015 by knowing How to be Productive

This 2015 I want to be Productive!

I want to get things done on time. To be able to have proper time management and to achieve a  better work life balance.

Over the past years I find it very hard to work on my goals, my schedules and my daily to-do's. It's as if I know I have a lot to do but instead of doing the most important, I stumble and spend more time on social medias. Then I will feel guilty and sorry for not being productive.

Thankfully a lot of blogs that I read have truly made me become better in handling my time and my life. I can't stress how thankful I am for each tips that i get and I want to share them to your guys with my own experience, how I use them and the impact it brought in my life.

Other Productivity posts you might want to check out are as following

• Reengineering Your To-do Lists to Perfection
• My Ideal Week (Applying Michael Hyatt's Ideal Week Template) 
• 23 Motivational Hacks for Young Achievers 

How To Become More Productive This 2015

1. List down where you spend your time. What are the different categories in your life that snatch a portion of your 24-hours in a day. My Time Categories for example will include: 

             A. Devotions- I just have to have time for God in a day. I need to journal and to have my Bible reading as part of my commitment for a stronger relationship with Him.

            B. Preparing for Work- Of course I spend time in the shower, picking what I would wear, brushing my teeth as well as putting makeup on so I have to include these in my Time Categories.

            C. Work. I spend 10 long hours at work in the office plus about 3 hours of travel time back and forth. For those who might not know I am a Marketing Assistant/Technical Writer in Makati.  

            D. Family. I make time for my family especially for my parents. I see to it to catch up with them everyday. Even short talks with them will do.

            E. Special Projects. This blog along with my frugal and lifestyle blog, IzzaGlino are part of my personal projects. I also have my Yourube channel that I make a lot of effort time and update.

            F. Business Projects. I am working very hard to create an additional income in life just like how I actively host events and portfolio investments. I also created two niche website ( which I will announce as soon as I launched them) in a futuristic goal of monetizing them. Thanks be to God for all the talent He blessed me with.

           G. Personal Stuffs. I don't forget to treat myself once in awhile so if I want to take a short but meaningful break, I do. This 2015 I plan to travel alone and just embark on a journey of experiencing more of the world so this goal will surely eat a big chunk of my time. 

2. Now that you listed your Time Categories you can now create your Goals. My tip is to create a yearly goal, a monthly goal, a weekly goal and a daily goal. The yearly goal will be broader as usual with items from personal goals, financial goals, career goals and so on. Now be more and more specific as go along with your goals. The thing about having life goals is that you have a better motivation in life and you'll be sure to be inspired to take action more.    
(Get my Making 2015 The Best Year Ever Templates for FREE!!! Just email me at izzaglinofull@gmail.com)

3. Cut off the Major Time-Wasters. This is one thing that I am continuously struggling with but then again I hope that I can excel this new year. Social media is top of my list but you may include as major time-waster is gossiping. Keep busy and always set your priorities.

4. Start Creating a To-Do List. I have an in-depth post on how to create a perfect to do list that you can read HERE.

5. Follow a Daily Schedule/Routine. You are never to young or too old to start a new routine and habit. Just be sure to be committed. Waking up on a same time every day is very great start to be productive. You batch similar tasks and do it on the same time too. I, for example, do a massive content writing every Saturday. I also spend one hour every Sunday to keep my planner updated and also the blog ideas that I have in mind.

6. Get some help with mobile apps. Before 2014 ended I shared some financial apps that will help about your finances. I plan to share too some productivity apps that should be called as major app life hackers for they save you time and energy letting you do more in life. Apps are such a great deal especially for busy people for they ensure productivity and are truly helpful.

7. Have a Planner! Before this month ends I will share to you my 2015 Planner and I am very much excited to do so! I love planners for I personally believe that once you write down something, you ars more likely to do or to achieve it. My mind is very cluttered and I tend to over think or over plan sometimes and keeping a planner for about 5years now have let take things slowly and more focused in life.

Other Tips that I'd Love to Share

- Be Intentional. In whatever you do you have to be intentional. You have to keep in your heart the benefits that it could bring you so you can follow with the hardships that it may take achieve it.

-Pray. It says in Mark 9, Whenever You Pray.... Ask God for His blessings. Ask Him to give you strength to hold on in the new task that you will put in your shoulder. Becoming productive is a hard habit to make and you might need a lot of motivations. Who else should you cry to than our greatest Creator?!

-Take it slowly. As mentioned earlier, becoming productive is tough to do because time is such a powerful element. Make sure that you take things nice and slow. Don't feel too much pressured and just enjoy the journey towards a better 2015.

Importance of Living a Productive Life this 2015

Being productive is not just about getting things done. Once you become productive you are learning to align each and every areas of your life to a total balance. You become effective and you feel great from the inside for you have so much time left other than before when things get too cluttered and all you want to is procrastinate. Living a productive life will make you serve God more.

Do you want to be productive too?! Did this post helped you start a productive life this 2015?! Don't forget to comment and share your thoughts below!

Be better in your finances. Save Now, Invest Now and walk your way to success. Sign up in my Email List and receive templates to get you started in your Financial Wealth. Follow me on Facebook and Twitter for better updates. Godbless.